Such pessimism was not based on politics alone--the consensus view was that the UK would vote to remain in the EU--but fears of slowing global growth.

The reaction of monetary authorities, which have learned from previous crises, indicated that they would take action to support markets.

The need for investors to earn a profit also contributed: with $13 trillion of government bonds globally providing negative yields, the hunt for attractive returns continued.

What happens now?

Markets expect that central banks will act to stimulate growth and support asset prices.

This is a typical Pavlovian response in which markets habitually associate uncertainty with stimulus, and exhibits their faith in the benefits of central bank intervention.

The Federal Reserve's unwillingness to immediately raise interest rates, combined with the upbeat US jobs report for June, plus a widely anticipated rate cut by the Bank of England in the coming months and expectations of more stimulus in Japan, encourage investors' sanguine view of the world.

But central banks, as influential as they are, cannot alone dictate the course of the global economy.

The full consequences of the "leave" vote are unknown and were never going to be felt in the short term: the ramifications will unfold over the rest of the decade and blend in with the ebb and flow of the global economy.

What we do know is that there is unlikely to be any immediate surge in growth.

Uncertainty will dog markets for the foreseeable future and sentiment will suffer amid the inevitable posturing by politicians during negotiations for Britain's exit from the EU.

Yet Brexit, as pivotal as it is, is only one of many influential risks in the global economy.

From the US to China, low productivity, weak inflation expectations, excess industrial capacity and policy uncertainty continue to constrain growth.

And as all eyes have focused on sterling, the Chinese authorities have weakened the renminbi as the benefits of their massive 1Q stimulus dissipate.

Indeed, by destabilising world trade, a sudden and hefty devaluation of the Chinese currency would shock the global financial system more than the vote for Brexit has.

Limits of central bank policy

Uncertainty, ultra-low bond yields and stimulus make it likely that equity markets will be range-bound for the rest of 2016.

The amplitude of this range may surprise investors, as the system will be awash with liquidity.

More stimulus is undoubtedly on the way, but the scale of negative interest rates in global bond markets suggests the potency of monetary policy has been exhausted.

Fiscal stimulus could be the next policy response--it is the last one to be tried--and may further embolden investors' risk appetite.

For this to work, however, it needs to be well-planned, appropriately targeted and globally coordinated.

Such an outcome is unlikely, as there remains a deep schism on fiscal spending among governments, but it remains the hope of beleaguered investors looking for a permanent improvement in aggregate demand, rather than the short-lived sugar rush from more unconventional monetary policy.